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Tribeca Mansion Gives Up Residential Dreams for Retail

Thanks for the memories, 177 Franklin Street. Gone are the days of the Community Board-troubling giant gold cross out front. And now, gone are the days of the building being on the market for $18 million. The property has found a buyer, the Journal reveals. This is the building's third sale in as many years: it sold in 2008 for $11.55 million and more recently for $9 million. The buyer this time around is Texas-based Bedrock Brands, owned by the founder of Fossil. Bedrock paid $14.5 million for the building?and plans to fill it with retail space, showrooms, designers' offices, and other retail-related uses. The offices of clothing brand Steven Alan will move there, and the ground-floor retail space will go to a relaunched version of the old Shinola brand. A far cry from the Glad Tidings Tabernacle?and, sadly, from a single-family mansion future.
· Buyer Bucks Trend in Tribeca Conversions [WSJ]
· 177 Franklin Street coverage [Curbed]